New Delhi: India’s software and IT services sector has achieved a significant milestone, with exports reaching an estimated $200 billion in the financial year 2023-24, according to a report by the Electronics and Computer Software Export Promotion Council (ESC).
This marks a 3.63% increase compared to $193 billion in the previous year, reaffirming the sector’s resilience and its pivotal role in the nation’s digital economy.
The ESC report highlights regional contributions to this growth, with the southern region dominating exports at $131.1 billion, accounting for 65.55% of the total.
The western region contributed $34.1 billion (17.05%), followed by the northern region at $30.78 billion (15.39%), and the eastern region with $4.02 billion (2.01%).
The report credits the industry’s skilled workforce, cost advantages, and conducive business environment for driving growth.
Emerging technologies such as artificial intelligence (AI), machine learning (ML), and cloud computing have further strengthened India’s position as a global leader in IT and digital services.
“India’s skilled managerial and technical workforce has propelled the nation to meet global standards, particularly in the IT sector, establishing the country as a global outsourcing hub,” said ESC Chairman Veer Sagar.
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He also noted that the growth in IT software services, software product development, and business process outsourcing (BPO) services are key drivers of this trend.
The USA remains India’s largest market for software exports, accounting for $109.40 billion (54.70%), followed by the UK with $28.70 billion (14.35%), Singapore at $7 billion (3.50%), and China with $5.50 billion (2.75%), according to ESC’s Chairman of Global Outreach, Sandeep Narula.
Narula added, “These figures underscore India’s growing influence as a global IT powerhouse, with consistent demand for its software exports.”
